The ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, officially inaugurated the RAK Digital Assets Oasis (RAK DAO) on October 19.
This initiative marks the launch of an economic free zone designed to nurture companies operating within these cutting-edge fields.
The RAK DAO free zone is tailor-made for service providers in the realm of digital and virtual assets, especially those involved in emerging technologies.
This includes the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other Web3-related businesses.
Collaborating with ecosystem partners, RAK DAO will also administer grant programs and offer specialized support in various areas encompassing technology, marketing, and business development.
Sheikh Saud, in his opening remarks, expressed the vision behind this venture: “We wanted to provide a platform to foster its growth and success.”
Recognizing the remarkable opportunities presented by digital assets, he added that Ras Al Khaimah could greatly benefit from being an early adopter.
During the inauguration, a memorandum of understanding (MoU) was signed between the CEO of the Securities and Commodities Authority (SCA), Maryam Buti Al Suwaidi, and the CEO of RAK DAO, Sameer Al Ansari.
Ras Al Khaimah, known for its rich cultural heritage and scenic beauty, aims to diversify its economy by embracing the virtual assets sector, moving away from its traditional reliance on tourism.
However, the new free zone enters a landscape where prominent technology hubs in Abu Dhabi and Dubai have already been attracting global cryptocurrency firms.
RAK DAO now joins the list of Web3-friendly free zones in the UAE. These zones empower entrepreneurs with 100% ownership of their businesses, offering distinct tax schemes and regulatory frameworks apart from the UAE’s criminal law.